What is a credit union?

By Adrian Davies | January 26, 2026

Last reviewed January 2026 At a glance Member-owned and not-for-profit — surplus goes back to members, not shareholders Offers savings accounts and personal loans with government-capped interest rates Membership requires a “common bond” (area, employer, or community group) Savings protected up to £120,000 by the Financial Services Compensation Scheme (FSCS) — same as high street…

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